Transportation
IDR/PCR
Healthcare/Hospital
Special Tax
Education
Lease
GO Local
GO State
Power
Water & Sewer
Pre-Refunded
Housing
VRDN
Insured
Resource Recovery
Other
<1 Year
1-4.99 Years
5-9.99 Years
10-19.99 Years
20-29.99 Years
>30 Years

Portfolio Breakdown by Stateas of 07/31/2015

State Assets
CA 19.4%
NY 11.6%
TX 9.5%
PA 6.9%
NJ 4.8%
FL 4.5%
IN 3.4%
IL 3.4%
GA 3.4%
OH 2.9%
MA 2.9%
AZ 2.4%
MI 2.2%
Puerto Rico 1.9%
VA 1.8%
LA 1.4%
MD 1.4%
CO 1.4%
WA 1.2%
NC 1.2%
HI 1.1%
KY 1.1%
NE 1.1%
CT 0.9%
AL 0.9%
OK 0.8%
ME 0.8%
Other U.S. Territories 0.7%
SC 0.7%
MO 0.6%
DE 0.6%
IA 0.5%
DC 0.5%
AR 0.4%
OR 0.4%
TN 0.3%
ND 0.3%
NV 0.2%
MN 0.2%
RI 0.2%
SD 0.1%
WV 0.1%

Portfolio Details as of 07/31/2015

Total Net Assets
$1.76 B
Number of Holdings
445
Average Coupon
5.3%
Average Effective Maturity
16.8 Years
Effective Duration
7.76 Years

Credit Quality Distribution as of 07/31/2015

A-1/MIG1
AAA
AA
A
BBB
< BBB
Not Rated

Portfolio Positioning as of 06/30/2015

  • Our primary focus has been to overweight bonds in the 10- to 25-year maturity range relative to the portfolio’s benchmark, the Barclays Municipal Bond Index, due to the steep yield curve and total return potential within that maturity range.
  • The portfolio continues to maintain an overweight in revenue bonds, including special tax-backed and industrial revenue bonds, given the dedicated income stream and favorable return prospects.
  • The portfolio also continues to maintain an overweight in lower-rated bonds owing to attractive credit spreads and solid underlying credit quality.
  • The portfolio is overweight in high-tax states due to better liquidity and total return potential.
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